Note: Changes in the Official Foreign Reserves (OFR) are influenced by the following factors:

(a) Foreign exchange intervention operations involving the purchase or sale of USD for the purpose of implementing the exchange rate policy;
(b) Transfer of assets that are in excess of what MAS deems necessary to maintain confidence in Singapore’s exchange rate-centred monetary policy to the Government for longer-term investment;
(c) Realised investment gains or losses on the OFR;
(d) Currency translation effects;
(e) Changes in the stock of FX swaps, as part of MAS’ money market operations to manage liquidity in the banking system; and
(f) Foreign exchange transactions with the Government as part of MAS’ function as a banker to the Government. The increase in the OFR arising from the foreign exchange transaction is matched by a corresponding increase in the Government Deposits with MAS. The Government’s direct exchange of its foreign currency holdings for S$ is for cash flow management purposes such as fiscal expenditures, debt obligations, and capital allocation.

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